We learnt this morning that the inflation rate has risen to 2.2%. But one key measure of core inflation still sits at just 1.6%. And with the absence of any sign of accelerating growth in wages outside the construction sector, while inflation near to above 2% beckons for a couple of years, the Reserve Bank are likely still to feel they have time on their side. The first official cash rate rise is still more likely toward the middle of next year than this year sometime.